Watch the interview of Siddharth Bhamre, Angel Broking with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on Futures and Options (F&O) side of the market, specific stocks and sectors.
Below is the verbatim transcript of Siddharth Bhamre's interview with CNBC-TV18.
Bajaj Auto
The two-wheeler sector has been laggard in this upmove and we have seen Bajaj Auto adding huge amount of open interest when it went up and when the rate cut was announced, but we have not seen any follow-up buying from there and at the same time the stock has been consolidating in a narrow range now. I believe the positions which were created then, which appeared to be longs, are not long but shorts and I am expecting stock to drift down to its recent low of Rs 2,298.
Fix a stoploss around Rs 2,511. If you get a bounce today then short on bounce and I am expecting a decent fall in Bajaj Auto.
Indian Oil Corporation
We have seen Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) giving good move with rise in open interest. Indian Oil Corporation (IOC) has not yet but in the last session we have seen that it showed good bounce back from lower levels with addition of position. So that bounce back would continue and on charts lower top-lower bottom formation which was negative since last two-three months – that formation would breach and would give a breakout.
I am expecting IOC to do well and we have decent price target of around Rs 371. Therefore, fix a small stoploss of around Rs 389 and go long in IOC.
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